Stoke Space announced that it has closed a $510 million Series D round, led by Thomas Tull’s U.S. Innovative Technology Fund (USIT) and complemented by a $100 million debt facility from Silicon Valley Bank. The new financing more than doubles the company’s total capital raised to roughly $1 billion and will fund the next phase of Nova’s development, production scaling, and the activation of Launch Complex 14 at Cape Canaveral Space Force Station.
Backed by a mix of new and returning investors, including Washington Harbour Partners LP, General Innovation Capital Partners, 776, Breakthrough Energy, Toyota Ventures and others, the round underscores Stoke’s growing role in both the commercial launch market and the U.S. national-security space industrial base.
Strategic Capital and Investor Alignment
The $510 million Series D is anchored by USIT, a fund focused on technologies critical to the national interest and supported by a $100 million debt line led by Silicon Valley Bank. New participants Washington Harbour Partners LP and General Innovation Capital Partners join a roster of existing backers such as 776, Breakthrough Energy, Glade Brook Capital, Industrious Ventures, NFX, Sparta Group, Toyota Ventures and Woven Capital. The breadth of the investor set reflects confidence in Stoke’s dual-track strategy of serving defense contracts and high-value commercial missions.
Nova’s Development Milestones
Since the Series C round in January, Stoke has completed full mission-duty-cycle testing of flight-like engines for both the first and second stages of Nova and advanced structural qualifications for each stage. The company now moves from testing toward flight demonstrations, with the Series D capital providing “the runway to complete development and demonstrate Nova through its first flights,” according to CEO and co-founder Andy Lapsa. Nova is positioned as a fully reusable medium-lift vehicle, capable of delivering up to 3t to low-Earth orbit when both stages are reused and up to 7t when expended.
Launch Complex 14: Enabling High-Cadence Operations
Stoke is converting Launch Complex 14 at Cape Canaveral Space Force Station to support Nova’s rapid turnaround launch cadence. The facility is slated for activation in early 2026, aligning with the company’s timeline to begin flight operations. This infrastructure investment is highlighted as a key element of strengthening capability across the U.S. space industrial base.
Supply-Chain and Boltline Software Expansion
In addition to hardware, the round will fund enhancements to Stoke’s Boltline software toolset, which underpins hardware engineering and supply-chain management. Scaling Boltline is intended to streamline production workflows and improve component traceability as Nova’s manufacturing capacity expands.
Why Zillionize Invested
Zillionize sees Stoke Space as the union of reusable launch technology, defensible government contracts, and a clear path to high-frequency commercial flights. The company’s selection for the National Security Space Launch Phase 3 Lane 1 program, opening eligibility for up to $5.6 billion in contracts through 2029, demonstrates a predictable revenue pipeline tied to national security. Combined with a proven leadership and engineering teams, a differentiated reusable medium-lift vehicle, and an expanding launch infrastructure, Stoke offers the kind of resilient, high-frequency launch capability that aligns with Zillionize’s focus on mission-critical, future-defining ventures.